BetMGM Hit With $100K Fine Over KYC Failures in Pennsylvania
The Pennsylvania Gaming Control Board has approved a $100,000 fine against BetMGM, concluding that the operator failed to maintain adequate safeguards to stop fraudulent activity across its online betting platforms. The penalty follows a consent agreement in which regulators determined that BetMGM did not implement sufficient Know-Your-Customer procedures. These shortcomings enabled individuals to create and operate multiple accounts using other people’s personal information, with some accounts funded through stolen or fraudulently obtained payment methods. Fraud Rings Exploited Weak Verification Controls […] The post BetMGM Hit With $100K Fine Over KYC Failures in Pennsylvania appeared first on World Casino News.
The Pennsylvania Gaming Control Board has approved a $100,000 fine against BetMGM, concluding that the operator failed to maintain adequate safeguards to stop fraudulent activity across its online betting platforms. The penalty follows a consent agreement in which regulators determined that BetMGM did not implement sufficient Know-Your-Customer procedures. These shortcomings enabled individuals to create and operate multiple accounts using other people’s personal information, with some accounts funded through stolen or fraudulently obtained payment methods. Fraud Rings Exploited Weak Verification Controls […]
The post BetMGM Hit With $100K Fine Over KYC Failures in Pennsylvania appeared first on World Casino News.
